Share price of ICICI Securities fell over 3% today after promoter ICICI Bank said its board has approved to offload up to 2 per cent stake in broking and investment banking unit. ICICI Securities stock fell up to 3.39% to Rs 488 against previous close of Rs 505.80 on BSE. ICICI Securities share is trading higher than 5 day, 20 day, 50 day, 100 day and 200 day moving averages.
The stock has gained 124% in one year and gained 21.18% since the beginning of this year.
Total 0.26 lakh shares of the firm changed hands amounting to turnover of Rs 1.29 crore on BSE. Market cap of the firm fell to Rs 15,874 crore.
"The Board of Directors of the bank, at its meeting held today, approved the sale of up to 6,442,000 equity shares of face value Rs 5 each of ICICI Securities Limited (company), representing up to 2 per cent of its issued and paid-up equity share capital, through an open market sale," ICICI Bank said in a regulatory filing.
The sale is in accordance with the requirement of minimum public float of the company, the private sector lender said.
Such sale will help the bank meet the 25 per cent minimum public shareholding (MPS) requirement. A total of 6.44 million shares will be sold in the open market. As of June 30, 2020, ICICI Bank held 79.22 per cent equity holding (25,52,16,095 shares) in ICICI Securities, as per data on BSE.
Meanwhile, extending gains for the fifth straight session, Sensex traded 220 points higher at 39,293 and Nifty 50 index gained 59 points to 11,609.